Biggs proves his point


Traxis' runaway success provides a boost to the new Morgan Stanley platform

T o many observers, Traxis did not look like the most promising hedge fund launch of this year. It is run by three partners, two of whom were perceived to have had mixed fortunes with previous hedge fund ventures. One of the founders had even openly hypothesized over whether the hedge fund industry was a 'bubble' in a research document titled "Looking into the Hedge Fund Bubble", published in June 2001.

Furthermore, Traxis is run by a team who have been reputed, rightly or wrongly, as having a